The stock market is poised to end the holiday-shortened week on a positive note. The Nasdaq has been the biggest winner, gaining 1.8% this week. The S&P 500 has climbed 1.1%, while the Dow has jumped 2.3%.
Nippon Steel has extended the closing date for its $14.9 billion acquisition of U.S. Steel. The deal is now expected to close in the first quarter of 2025. President Joe Biden has 15 days to decide whether to block the transaction after a committee that oversees foreign acquisitions referred the decision to him.
The United Steelworkers union and some politicians have raised concerns about foreign ownership of the company. Holiday shopping could have long-term consequences for many consumers. A LendingTree survey found that 36% of Americans incurred holiday debt this season, with an average balance of $1,181.
Nasdaq leads weekly stock gains
This is up from $1,028 in 2023. Experts suggest starting early to pay down debt and renegotiating interest rates to chip away at holiday balances.
Airlines had an eventful year in 2024. It started with a door panel blowing off a plane during a flight. The JetBlue-Spirit merger was blocked, and Spirit filed for bankruptcy protection.
A tech meltdown also affected days of travel. Despite the challenges, carriers fought to show they were the most premium airline. Ad executives are gearing up for next year, especially companies with coveted live sports rights.
The worldwide advertising industry is expected to grow 7.7% and top $1 trillion in revenue in 2025 for the first time, excluding U.S. political ads, according to a forecast from GroupM, WPP’s media investment group. However, advertisers may still be selective with their budgets and are prioritizing live events such as sports and awards shows.
